ACN Weekly Report 01 Sep 2018
Weekly Price Trend: 27-08-2018 to 31-08-2018
- The above given graph focuses on the ACN price trend from 27th August to 31st August 2018.
- Domestic prices increased heavily for this week. Prices were assessed around Rs.178/Kg for bulk quantity by end of the week for Kandla port. There has been consistent rise in domestic prices for ACN.
Booking Scenario
The above chart shows the international prices of ACN. CFR India prices of ACN were assessed in the range of USD 2250-2270/MT.
INDIA& INTERNATIONAL
- Prices of ACN were assessed around Rs.178/kg, heavily increased by Rs.3/Kg for this week.
- Prices have increased by more than Rs.10/Kg in this week. Limited domestic supply has been the major factor in this increase in domestic values.
- CFR India prices of Acrylonitrile were assessed in the range of USD 2250-2270/MT, slightly reduced by USD 20/MTS for this week.
- At present the prices for ACN are at its peak in last more than five years. The sole reason for this hike has been the limited supply of the chemical across the globe.
- This week oil prices have followed volatile trend. On Thursday oil prices increased due to extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories.
- On Thursday, closing crude values have increased. WTI on NYME closed at $70.25/bbl. Prices have increased by $0.74/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.63/bbl in compare to last closing price and was assessed around $77.77/bbl.
- As per report, Brent has risen by almost 10 percent over the past two weeks on widespread perceptions that the global oil market is tightening and could run short in the next few months as U.S. sanctions restrict crude exports from Iran.
- Market players have said that market will remain tight towards the end of the year because of falling supply in countries such as Iran and Venezuela combined with strong demand, especially in Asia.
$1 = Rs.70.99
Import Custom Ex. Rate USD/ INR: 71.10
Export Custom Ex. Rate USD/ INR: 69.40
